Texas Resident Claims $7.5 Million Jackpot Prize

A huge Texas Lotto prize has just been claimed! A Houston resident has claimed a $7.5 million prize in the Texas Lotto drawing held on September 5th. However, the claimant chose the cash option, which means they received a final payout of $3,971,819.05 before taxes. The ticket was purchased at the Kroger location at 14244 Memorial Drive in Houston and was a quick pick.

This jackpot had been growing since August 5th.

According to a press release, the winning Lotto Texas jackpot started as an advertised $5 million prize for the drawing on Aug. 12th and stretched out 11 drawings before being hit on Sept. 5. The Kroger that sold the winning ticket will receive $25,000.

What is the difference between the cash option and the annuity option?

If you choose payments, you will receive the advertised jackpot over 30 years, with payments increasing by 5% every year. With the cash option, you usually get around 50% of the advertised jackpot, before taxes. If you were to win a big jackpot, would you take the cash option or the 30 years of payments? If you were to win, what would you select? Let us know by messaging us inside our app.

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@briantboyd I kept getting asked whether I'd take the lump sum or annuity if I won the lottery...here's my answer #Lottery #taxes #moneysmart #lawyersontiktok #taxtips ♬ original sound - Brian Boyd | Tax Attorney

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